Shipping firms whipsawed as Hormuz reopening uncertain

NEW YORK (AP) — With hundreds of vessels still stuck in the Persian Gulf and costs piling up, shipping companies are being whipsawed by uncertainty over how and when the Strait of Hormuz might reopen more than two months into the Iran war. On Sunday, President Donald Trump announced “Project Freedom,” a way for the US to “guide” ships to exit the strait. Two ships made the transit, but by Tuesday Trump abruptly paused the effort to allow time for a deal to end the war. Meanwhile, the risks for s

2026-05-07 11:17:28:00

Gasoline costs 50% more in US than it did before war

NEW YORK (AP) — The price of a gallon of regular gasoline climbed 31 cents in the past week, spiking to an average of $4.48 per gallon Tuesday, according to AAA, hitting the wallets of drivers after rising 50 percent since the war with Iran began. The main reason drivers are paying more at the pump is because of the global energy crisis caused by the Iran war. The price of crude oil, which is the main ingredient in gasoline, has been climbing for most of the past two months because the Strait of

2026-05-06 10:29:49:00

Japan, Australia join forces on energy, critical minerals

MELBOURNE, Australia (AP) — The prime ministers of Japan and Australia agreed to deepen cooperation in a wide range of areas including energy security, defense and critical minerals as the Iran war threatens global supply chains. Japanese Prime Minister Sanae Takaichi met her Australian counterpart Anthony Albanese at Australia’s Parliament House on Monday during Takaichi’s first visit to the country as national leader. Takaichi said they held strategic discussions on China, Southeast Asia, Paci

2026-05-05 10:43:22:00

Trump says he is reviewing a new Iranian proposal to end the war

US President Donald Trump said on Saturday that he was reviewing a new Iranian proposal to end the war but also expressed skepticism it would lead to a deal. “I’ll let you know about it later," he said before boarding Air Force One, adding that “they’re going to give me the exact wording now.” Shortly after speaking to reporters, Trump posted on social media about the new proposal, saying he “can’t imagine that it would be acceptable in that they have not yet paid a big enough price for what the

2026-05-03 10:30:56:00

United Arab Emirates will leave OPEC in a blow to oil cartel

DUBAI, United Arab Emirates (AP) — The United Arab Emirates said Tuesday it will leave OPEC effective May 1, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices. The UAE’s decision had been rumored as a possibility for some time, as it pushed back in recent years against OPEC production quotas it felt had been too low — meaning it wasn’t able to sell as much oil to the world as it had wanted. “Having invested heavily in ex

2026-04-29 10:51:04:00

The night a big story came directly to Washington's journalists

Journalists in the nation’s capital are accustomed to chasing stories. But on Saturday night, the story came to them — hundreds of them, gathered as President Donald Trump prepared to speak, thrust suddenly into chaos when a gunman tried to storm the annual White House Correspondents' Association dinner. In the aftermath, safety and coverage blended as some of the nation's most powerful reporters and editors tried to figure out what was unfolding in front of them. Or in many cases, above them. M

2026-04-27 08:41:20:00

EU eyes Mideast energy routes to bypass conflict zones

NICOSIA, Cyprus (AP) — A painful fuel crunch and soaring oil and gas prices triggered by the Iran war have nudged the European Union to look hard into funding alternative energy routes in the Middle East to circumvent hot spots like the Strait of Hormuz. European Commission President Ursula von der Leyen said Friday that the EU is ready to work with Persian Gulf countries for new projects conveying energy to global markets that wouldn’t be held hostage to war or geopolitical strife. “The events

2026-04-26 11:17:38:00

Pope Leo says he does not fear Trump, citing Gospel as he pushes back in feud over Iran war

WASHINGTON (AP) — US-born Pope Leo XIV pushed back Monday on President Donald Trump’s broadside against him over the US-Israel war in Iran, telling reporters that the Vatican’s appeals for peace and reconciliation are rooted in the Gospel, and that he doesn’t fear the Trump administration. “To put my message on the same plane as what the president has attempted to do here, I think is not understanding what the message of the Gospel is,” Leo told The Associated Press aboard the papal plane en rou

2026-04-13 19:38:43:00

Iran closes Hormuz Strait in response to Israeli attacks on Lebanon

Iran, the United States and Israel agreed to a two-week ceasefire on Tuesday, an 11th-hour deal that headed off US President Donald Trump’s threat to unleash a bombing campaign that would destroy Iranian civilization. Hours after the announcement, Iran and Gulf Arab countries reported new attacks Wednesday, though it was not clear if the strikes would scuttle the deal. All sides have presented vastly different versions of the terms. Iran said the deal would allow it to formalize its new practice

2026-04-09 08:27:02:00

US, Iran agree to conditional two-week ceasefire, reopening of Hormuz Strait

US President Donald Trump pulled back on his threats to launch devastating strikes on Iran late Tuesday, swerving to deescalate the war less than two hours before the deadline he set for Tehran to capitulate to a deal. Trump said he was holding off on his threatened attacks on Iranian bridges and power plants, as the US and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz. Iran’s Supreme National Security Council said it has accepted the ceasefire and that

2026-04-08 08:19:44:00